Germany to invest billions in 23 green hydrogen projects

Germany is set to invest billions in pioneering hydrogen projects, aiming to boost the production, storage and transport of a potentially transformative source of green energy.

"With the funding of hydrogen projects, we are taking an important step towards a climate-neutral and sustainable economy in Europe and beyond," said Economy Minister Robert Habeck in Berlin, according to a ministry statement.

The German federal government - as well as a number of state governments - has earmarked a total of €4.6 billion ($4.9 billion) for 23 projects.

Habeck said a powerful hydrogen infrastructure could play a key role in the decarbonization of German industries and the energy sector.

"Hydrogen pipelines will be the lifelines of industrial centres. This creates the precondition for climate-neutral growth," said Habeck.

The projects are centred on the large-scale production of green hydrogen, but also innovative and secure storage solutions as well as transport infrastructure spanning up to 2,000 kilometres.

Part of the funding comes from the European Union, while businesses involved in the projects are due to invest another €3.3 billion.

According to the ministry, the total investment will thus represent €7.9 billion by 2030.